Apple loses bid to sue Kodak over patents

Apple says in court papers that it owns "a number of valuable patents that Kodak is infringing."

Apple says in court papers that it owns "a number of valuable patents that Kodak is infringing."

Photo: Guy Solimano, Getty Images

Apple loses bid to sue Kodak over patents

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TECHNOLOGY

Apple loses bid to sue Kodak

Apple lost a bid to file a patent-infringement complaint against Eastman Kodak and restart litigation over ownership of a patent that Kodak intends to sell while in bankruptcy.

U.S. Bankruptcy Judge Allan Gropper in Manhattan on Thursday denied Apple's request to file a complaint with the International Trade Commission and attempt to unfreeze a patent lawsuit pending between the companies.

Apple, in seeking to file the ITC complaint, said in court papers that it owns "a number of valuable patents that Kodak is infringing in the course of its daily operations." Apple said it also planned to seek an injunction against Kodak in federal court.

BANKING

Wells ends free checking

Wells Fargo, the bank with the most U.S. branches, ended free checking in six eastern states as it seeks to recover revenue lost under new financial rules.

Customers in New York, New Jersey, Connecticut, Georgia, Delaware and Pennsylvania must pay a $7 monthly fee for a basic checking account if they receive paper statements and $5 if they select electronic statements, said Lisa Westermann, a Wells Fargo spokeswoman. Customers can get the fee waived if they direct deposit more than $500 in their account each month, or maintain a $1,500 balance.

The six eastern U.S. states were part of Wachovia Corp.'s branch network, and account holders in most states where Wells Fargo already had outlets have already absorbed the fee, Westermann said.

In California, Wells Fargo's largest market, the former Wachovia checking accounts haven't been assessed the new fees, Westermann said. Wells Fargo doesn't offer free checking accounts in the state, she said.

Wells Fargo eliminated free checking in July 2010 for new customers and later began to include existing account holders. The bank purchased Wachovia in 2008 and spent three years merging the lenders. The final Wachovia branches were rebranded in October.

MUTUAL FUNDS

Apple moves up in top holdings

Apple took over from Wells Fargo as the stock most often in the top 10 holdings of the 50 largest mutual funds in the fourth quarter, and widened its lead among the biggest hedge funds, Citigroup Inc. said.

Apple was a top-10 holding for 18 of the 50 largest U.S. mutual funds in the period, Tobias Levkovich, Citigroup's chief U.S. equity strategist, wrote in a note Wednesday. Wells Fargo and Microsoft are in the top 10 holdings of 17 of the mutual funds. Apple gained 6.2 percent in the quarter, while the Standard & Poor's 500 index rallied 11 percent. Wells Fargo rose 14 percent and Microsoft added 4.3 percent.